We have experiences quite dramatic fall today. We should also note the hike in volume, which is negative sign.
I'm not sure if we should interpret the level of 40700 as higher low and, therefore, I'm not sure if we should call the daily sell signal.
As Jack Steiman suggested in his Jack's Wrap (here), we could be just unwinding the oscillators and sentiment. Nevertheless, cautions is required and stop loss orders are a must now.
US market also took a beating today (here).
Sources:
[http://www.marketwatch.com/story/us-stocks-open-lower-as-tech-earnings-lag-2010-01-22]
[http://www.swingtradeonline.com/jackswrap/1/2010/21/]
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